S. Korea's household debt posts 2nd-biggest growth in September
Source: Xinhua | 2020-10-14
South Korea's household debt posted the second-biggest growth in September amid the record-low interest rate, central bank data showed Tuesday.
Debt, owed by households to banks, amounted to 957.9 trillion won (834.4 billion U.S. dollars) as of end-September, up 9.6 trillion won from a month earlier, according to the Bank of Korea (BOK).
It was the second-biggest monthly increase since the BOK began compiled the data in 2004. The August expansion was the record high of 11.7 trillion won.
The record-level debt growth came after the BOK lowered its target rate by 25 basis points to an all-time low of 0.50 percent in May. The bank slashed the target rate by 50 basis points in March.
Mortgage loan to households picked up 6.7 trillion won in September, while credit loan was up 3 trillion won. (1 U.S. dollar equals 1,146 won)
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